Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>Having looked at the past performance of its division, some appear more worthy than others of undertaking a listing in the next year or two.</li>
</ul>


On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
Having looked at the past performance of its division, some appear more worthy than others of undertaking a listing in the next year or two.


Alibaba Potential IPOs - Part 1 - Six Mini-Alibabas - Some Are More Ready than Others to List

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The gradual lifting of the lockdown in two major cities means that China's industries are recovering. In healthcare, there are both opportunities and challenges worth discussing.</li>
<li>As China restores normal production and life, we analyzed the impact/logic on nucleic acid testing business, local fiscal expenditure, pharmaceutical/medical device companies, IVD, hospital operations, global supply chain, digital healthcare.</li>
<li>Due to geopolitical conflicts, negative impact of lockdown on economy, resource shortage,inflation, the priority of healthcare may decline.The performance/returns on advanced technology/pharmaceuticals/devices or nonrigid demand could be lower than expected. </li>
</ul>


The gradual lifting of the lockdown in two major cities means that China's industries are recovering. In healthcare, there are both opportunities and challenges worth discussing.
As China restores normal production and life, we analyzed the impact/logic on nucleic acid testing business, local fiscal expenditure, pharmaceutical/medical device companies, IVD, hospital operations, global supply chain, digital healthcare.
Due to geopolitical conflicts, negative impact of lockdown on economy, resource shortage,inflation, the priority of healthcare may decline.The performance/returns on advanced technology/pharmaceuticals/devices or nonrigid demand could be lower than expected. 


China Reopen - Opportunities and Challenges in China Healthcare

Ping An Healthcare and Technology / Event-Driven

<ul>
<li>PAGD’s Special Dividend announcement made investors “unhappy”. PAGD's operation after IPO is a big failure, which is why there were large amounts of funds left that were not used.</li>
<li>Being a "vassal" of Ping An Group won’t bring high valuation due to limited growth potential. There’s still room for stock price/valuation to decline. Investors need not rush to buy.</li>
<li>The Special Dividend will be approved. Ping An's idea is to increase shareholding ratio by distributing dividends, which can also lower PAGD’s stock price, providing opportunity for a low-price privatization.</li>
</ul>


PAGD’s Special Dividend announcement made investors “unhappy”. PAGD's operation after IPO is a big failure, which is why there were large amounts of funds left that were not used.
Being a "vassal" of Ping An Group won’t bring high valuation due to limited growth potential. There’s still room for stock price/valuation to decline. Investors need not rush to buy.
The Special Dividend will be approved. Ping An's idea is to increase shareholding ratio by distributing dividends, which can also lower PAGD’s stock price, providing opportunity for a low-price privatization.


Ping An Healthcare and Technology (1833 HK) - About The Special Dividend and the Outlook

<ul>
<li>PAGD’s business model is problematic, leading to continuous shrinking revenue scale. As PAGD will entirely lose competitiveness in the future, the management wants to find a suitable way to "exit".</li>
<li>Privatizing PAGD at low price and integrating it into the Ping An Group's system is a good choice. In other words, Ping An hopes other shareholders to choose cash dividends.</li>
<li>Due to high tax, Hong Kong Stock Connect investors would prefer to sell in advance. Arbitrageurs can wait until stock price drops then make decisions based on new conversion price.</li>
</ul>


PAGD’s business model is problematic, leading to continuous shrinking revenue scale. As PAGD will entirely lose competitiveness in the future, the management wants to find a suitable way to "exit".
Privatizing PAGD at low price and integrating it into the Ping An Group's system is a good choice. In other words, Ping An hopes other shareholders to choose cash dividends.
Due to high tax, Hong Kong Stock Connect investors would prefer to sell in advance. Arbitrageurs can wait until stock price drops then make decisions based on new conversion price.


Ping An Healthcare and Technology (1833 HK) - Privatization Ahead?

China

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

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Alibaba Health Information Tec (241 HK)

Alibaba Potential IPOs - Part 1 - Six Mini-Alibabas - Some Are More Ready than Others to List

Alibaba recently announced that it would adopt a new organizational structure, splitting into six major business groups and other investments. In...

Sumeet Singh

Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest...

Sumeet Singh

China Reopen - Opportunities and Challenges in China Healthcare

As China restores normal production/life, we analyzed positive/negative impact on different healthcare sectors. There could be policy shifts. What...

Xinyao (Criss) Wang

Ping An Healthcare and Technology (1833 HK) - About The Special Dividend and the Outlook

PAGD's post-IPO operation is a big failure, leaving large unused funds.It's only a matter of time before the valuation downturn.Ping An's plan for...

Xinyao (Criss) Wang

Ping An Healthcare and Technology (1833 HK) - Privatization Ahead?

Shrinking scale/poor outlook prompts management to seek "exit".Privatization at low price and integrating into Ping An Group is wise...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)